Danish Biotech Evolva A/S raises $1.7mn

Copenhagen 2 October 2002  Danish biotech Evolva’s radical approach can make drug discovery easier, cheaper and more effective. This approach is paying off - thanks to a $ 1.7 million investment from Symbion Capital.  Evolva’s technology solves one of the pharmaceutical industry’s major problems - the enormous costs and the poor success rate in drug discovery today.

Evolva CEO Neil Goldsmith: “The Symbion Capital investment means we can further develop our technology and progress our existing diabetes and cancer programs during 2003.  It’s a very positive sign that it comes from an investor with a strong understanding of the underlying technology”

Dr. Andrew Griffiths, MRC, Cambridge and a leader in in vitro-evolution says: “Evolva’s technology is very exciting. I’m looking forward to following the effect of this technology on drug discovery.”

Symbion Capital’s CEO Elisabeth Grüner says: “Symbion Capital has chosen to invest in Evolva because their ground-breaking technology shows enormous potential. Besides the technology, the quality of the team behind Evolva was decisive for Symbion Capital.  Evolva is exactly the kind of company that Symbion Capital is looking for. Evolva’s results to date and their continued progress have left us with great confidence in their future success.”

Evolva

Evolva was founded in 2001.  It uses an evolutionary technology - Watchmaker™ - to discover, develop and manufacture small molecule pharmaceuticals and related compounds.  Watchmaker™ breeds “compound enhanced” yeast cell populations until cells (and hence small molecules) are produced that have desired pharmaceutical activities.  It addresses the appalling productivity of drug discovery, is fully scaleable and allows previously “impossible” small molecules to be manufactured.  It can be used essentially for all targets and disease areas.  Evolva provides high quality pre-clinical candidate drugs to partners and licensees.  Current programmes are focused on cancer and diabetes.

Symbion Capital I A/S

Symbion Capital I A/S was founded in 2001 and has a fund of over DKK 300 million from six investors: the European Investment Fund, ATP, Nordea, Tryg Forsikring, Kirkbi and Symbion A/S.

Further information & contact information

Evolva: www.evolvabio.com or Neil Goldsmith on +45 3917 9771; e-mail neilg@evolvabio.com

Symbion Capital: www.symbion.dk or CEO Elisabeth Grüner on + 45 3917 9999; e-mail gruner@symbion.dk .